CALAMOS MARKET NEUTRAL INCOME FUND (CVSIX)

Overview

The fund’s core market strategies include covered call writing and convertible arbitrage, complemented by an opportunistic sleeve. Together, these strategies are intended to provide the fund with an enhanced potential for risk-managed returns due to their differing responses to volatility.

Returns in Rising Interest Rate Environments

In periods where interest rates rose more than 100 basis points, the fund outperformed the index in every time period.

Key Features

One of the first alternative mutual funds, capitalizing on experience in the convertible space going back more than three decades

Low correlation with most fixed income benchmarks

Risk management is a primary focus, with risk characteristics that remain well below the equity and fixed income benchmarks

Portfolio Fit

The fund may provide potential diversification, in particular in a low interest-rate environment.

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information or call 1-800-582-6959. Read it carefully before investing.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Calamos Financial Services LLC, Distributor

Important Risk Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund’s prospectus.

The Fund may seek to purchase index put options to help reduce downside exposure. However, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions or lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons, the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

NOTES

Annualized Standard Deviation-A statistical measure of the historical volatility of a mutual fund or portfolio, usually computed using 36 monthly returns. More generally, a measure of the extent to which numbers are spread around their average.

Barclays U.S. Government/Credit Index comprises long-term government and investment-grade corporate debt securities and is generally considered representative of the performance of the broad U.S. bond market. Unlike convertible bonds, U.S. Treasury bills are backed by the full faith and credit of the U.S. government and offer a guarantee as to the timely repayment of principal and interest.

Barclays U.S. Treasury Index includes public obligations of the U.S. Treasury.

Beta-Is a historic measure of a fund's relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market's volatility as represented by the S&P 500 Index, while a beta of 2.0 reflects twice the market's volatility.

Bond Credit Quality-Reflects the higher of the ratings of Standard & Poor’s Corporation; Moody’s Investors Service, Inc. or Fitch, Inc. Ratings are relative, subjective and not absolute standards of quality, represent the opinions of the independent Nationally Recognized Statistical Rating Organizations (NRSRO), and are adjusted to the Standards and Poors scale shown. Ratings are measured using a scale that typically ranges from AAA (highest) to D (lowest). In addition, CAL has assigned its own ranking to the “unrated bonds” based on its fundamental and proprietary investment process and has years of experience actively managing risk. The security’s credit rating does not eliminate risk. The table excludes equity securities, cash and cash equivalents. For more information about securities ratings, please see the Fund’s Statement of Additional Information at www.calamos.com. Additional information on ratings methodologies are available by visiting the NRSRO websites; www.standardandpoors.com, www.moodys.com, and www.fitchratings.com.

Citigroup 30 Day T-Bill Index-Is generally considered representative of the performance of short-term money market instruments.

Convertible Arbitrage-involves buying convertible bonds and short selling their underlying equities to attempt to hedge against equity risk, while still providing the potential for upside returns. A Covered Call Writing strategy begins with a portfolio of stocks, most of which pay dividends. (Stock provisions include securities convertible into the underlying stocks.) We then write (sell) calls and buy protective puts against a portion of this basket. A call option gives the buyer the right to purchase stocks at a predetermined strike price. If these securities rise above the strike price, the buyer may exercise the option and the fund (seller) must pay the buyer the difference as determined by the option contract. By writing calls on securities held in the portfolio, the fund can generate income from option premiums. A put option gives the purchaser the right to sell a security to the writer at a pre-determined price. Put options rise in value as the underlying securities decline in value. Through put options, the fund seeks to offset some of the risk of a potential decline in a portfolio holding.

Covered Call Writing Risk-As the writer of a covered call option on a security, the fund foregoes, during the option’s life, the opportunity to profit from increases in the market value of the security, covering the call option above the sum of the premium and the exercise price of the call. Convertible Securities Risk: The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security’s investment value. Convertible Hedging Risk: If the market price of the underlying common stock increases above the conversion price on a convertible security, the price of the convertible security will increase. The fund’s increased liability on any outstanding short position would, in whole or in part, reduce this gain.

Current (SEC) Yield-Reflects the dividends and interest earned by the Fund during the 30-day period ended as of the date stated above after deducting the Fund's expenses for that same period.

Debt/Capital Ratio-Is a measure of a company s financial leverage, calculated as the company’s debt divided by its total capital.

Distribution Rate-The percentage rate at which a fund distributes income to its shareholders. It is calculated by dividing a fund's annual distributions by its current price; this figure can vary from the SEC yield of the same fund because of the multiple ways of treating different asset classes.

Opportunistic Sleeve-From time to time the fund may seek to capitalize on dynamic opportunities as dictated by market conditions in a manner consistent with the overall objective of the fund.

PEG Ratio-Is price/earnings ratio divided by estimated earnings growth rate in the next year; a lower PEG indicates that less is being paid for each unit of earnings growth.

Price/Book Ratio-Is a stock’s capitalization divided by its book value.

Price/Earnings Ratio-Is the current stock price over trailing 12‐month earnings per share.

Price/Sales Ratio-Is the current stock price over trailing 12‐month sales per share.

ROIC (Return On Invested Capital)-Measures how effectively a company uses the money invested in its operations, calculated as a company’s net income minus any dividends divided by the company’s total capital.

S&P 500 Index-Is generally considered representative of the U.S. stock market.

Turnover-is the percentage of assets in a portfolio that changed over a certain period, often a year; higher turnover indicates greater buying and selling activity.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

† Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year Morningstar Rating metrics.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Class A shares load-adjusted returns are adjusted for the maximum front-end sales load of 4.75%. The Funds also offer Class B and C shares, the performance of which may vary. Performance shown reflects an expense reimbursement that improved results.

The Fund's gross expense ratio is 1.28% as of the prospectus dated 3/1/2014.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

The Fund's Gross Expense Ratio is 1.28 as of the prospectus dated 3/01/14

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information or call 1-800-582-6959. Read it carefully before investing.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Calamos Financial Services LLC, Distributor

10k Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front-end sales charge of 4.75%—had it been included, the Fund’s return would have been lower. Index data shown is from 8/31/90, since comparative index data is available only for full monthly periods. The Lipper category average annual return ”Since Inception” start date (below) is 9/30/90. Source: State Street Corporation, Lipper, Inc. and Mellon Analytical Solutions, LLC.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund’s maximum front-end sales load of 4.75%—had it been included, the Fund’s return would have been lower. Calendar year returns measure net investment income and capital gain or loss from portfolio investments for each period specified. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes assumes reinvestment of dividends and capital gains distributions. The Fund also offers Class B and C Shares, the performance of which may vary.

The offering price for Class I shares is the NAV per share with no initial sales charge. There are no contingent deferred sales charges or distribution or service fees with respect to Class I shares. The minimum initial investment required to purchase each Fund’s Class I shares is $1 million. Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million. Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, under certain circumstances.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Barclays U.S. Government/Credit Index-Comprises long-term government and investment-grade corporate debt securities and is generally considered representative of the performance of the broad U.S. bond market. Unlike convertible bonds, U.S. Treasury bills are backed by the full faith and credit of the U.S. government and offer a guarantee as to the timely repayment of principal and interest.

Citigroup 30 Day T-Bill Index-Is generally considered representative of the performance of short-term money market instruments.

† Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year Morningstar Rating metrics.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Class A shares load-adjusted returns are adjusted for the maximum front-end sales load of 4.75%. The Funds also offer Class B and C shares, the performance of which may vary. Performance shown reflects an expense reimbursement that improved results.

The Fund's gross expense ratio is 1.28% as of the prospectus dated 3/1/2014.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Maturity Schedule

Bond Duration

AS OF 12/31/14

Weighted Avg. Duration

2.5 years

Weighted Avg. Maturity

3.3 years

1Top 10 Holdings and Sector Weightings are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government / sovereign bonds or broad based index hedging securities the portfolio may hold. You can obtain a complete listing of holdings by visiting www.calamos.com.

Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

As of 18th April 2013, the SPDR Gold Trust (GLD) is no longer held in the Market Neutral Income Fund's portfolio.

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information or call 1-800-582-6959. Read it carefully before investing.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Calamos Financial Services LLC, Distributor

Important Fund Information.
Bond credit quality allocation reflects the higher of the ratings of Standards & Poor’s Corporation; Moody’s Investors Service, Inc. or Fitch, Inc. Ratings are relative, subjective and not absolute standards of quality, represent the opinions of the independent, Nationally Recognized Statistical Rating Organizations (NRSRO), and are adjusted to the Standards & Poor’s scale shown. Ratings are measured using a scale that typically ranges from AAA (highest) to D (lowest). In addition, CAL has assigned its own ranking to the “unrated bonds,” based on its fundamental and proprietary investment process and has years of experience actively managing risk. The security’s credit rating does not eliminate risk. The table excludes equity securities, cash and cash equivalents. For more information about securities ratings, please see the Fund’s Statement of Additional Information at calamos.com. Additional information on ratings methodologies are available by visiting the NRSRO websites: www.standardandpoors.com, www.moodys.com, and www.fitchratings.com.

Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown.

Annualized Standard Deviation—A statistical measure of the historical volatility of a mutual fund or portfolio.

Beta—Is a historic measure of a fund’s relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market’s volatility as represented by the Fund’s primary benchmark, while a beta of 2.0 reflects twice the volatility.

Current (SEC) Yield—Reflects the dividends and interest earned by the Fund during the 30-day period ended as of the date stated above after deducting the Fund’s expenses for that same period.

Citigroup 30 Day T-Bill Index—Is generally considered representative of the performance of short-term money market instruments.

Barclays U.S. Government/Credit Index—Comprises long-term government and investment-grade corporate debt securities and is generally considered representative of the performance of the broad U.S. bond market. Unlike convertible bonds, U.S. Treasury bills are backed by the full faith and credit of the U.S. government and offer a guarantee as to the timely repayment of principal and interest.

Lipper Equity Market-Neutral Funds—Represents funds that employ portfolio strategies generating consistent returns in both up and down markets by selecting positions with a total net market exposure of zero.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index

Important Risk Information.
An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund’s prospectus.

Before investing, carefully consider the Fund’s investment objectives, risks, charges and expenses. Contact 800.582.6959 for a prospectus containing this and other information. Read it carefully.

Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown.

† Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year Morningstar Rating metrics.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Class A shares load-adjusted returns are adjusted for the maximum front-end sales load of 4.75%. The Funds also offer Class B and C shares, the performance of which may vary. Performance shown reflects an expense reimbursement that improved results.

The Fund's gross expense ratio is 1.28% as of the prospectus dated 3/1/2014.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

For more information about the Funds such as sector weightings, top holdings, credit ratings and distribution rates, please contact Client Services at 800-582-6959.

Each Fund is a series of Calamos Investment Trust. The investment adviser to the Funds is Calamos Advisors LLC. The Calamos Family of Funds offers a range of investment strategies for individual investors with diverse investment objectives and needs. For more information on the Funds, please call 800-582-6959.

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information or call 1-800-582-6959. Read it carefully before investing.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Calamos Financial Services LLC, Distributor

† Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year Morningstar Rating metrics.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Class A shares load-adjusted returns are adjusted for the maximum front-end sales load of 4.75%. The Funds also offer Class B and C shares, the performance of which may vary. Performance shown reflects an expense reimbursement that improved results.

The Fund's gross expense ratio is 1.28% as of the prospectus dated 3/1/2014.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Annual Expenses

A Shares

B Shares

C Shares

I Shares

Total Expense Ratio

1.28

2.05

2.03

1.02

Net Expense Ratio

1.28

2.05

2.03

1.02

Transaction Fee

0.00

0.00

0.00

0.00

Redemption Fee

0.00

0.00

0.00

0.00

Investment Information

A Shares

B Shares

C Shares

I Shares

Minimum initial investment

$2,500

$2,500

$2,500

$1 million

Minimum subsequent investments

$50

$50

$50

$0

IRA initial investments

$500

$500

$500

N/A

Fund Information

A Shares

B Shares

C Shares

I Shares

Inception Date

9/04/90

9/11/00

2/16/00

5/10/00

Ticker Symbol

CVSIX

CAMNX

CVSCX

CMNIX

CUSIP number

128119203

128119757

128119849

128119880

Sales & Distribution

A Shares

B Shares

C Shares

I Shares

Sales load

Front-end

Back-end

Level-load

N/A

Maximum Sales Charge

4.75%

5.00%

1.00%

N/A

US Bank Fund Number

605

612

619

629

Distributions

Quarterly dividends; annual capital gains

For more information about the Funds such as sector weightings, top holdings, credit ratings and distribution rates, please contact Client Services at 800-582-6959.

Each Fund is a series of Calamos Investment Trust. The investment adviser to the Funds is Calamos Advisors LLC. The Calamos Family of Funds offers a range of investment strategies for individual investors with diverse investment objectives and needs. For more information on the Funds, please call 800-582-6959.

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information or call 1-800-582-6959. Read it carefully before investing.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Calamos Financial Services LLC, Distributor

† Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year Morningstar Rating metrics.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Class A shares load-adjusted returns are adjusted for the maximum front-end sales load of 4.75%. The Funds also offer Class B and C shares, the performance of which may vary. Performance shown reflects an expense reimbursement that improved results.

The Fund's gross expense ratio is 1.28% as of the prospectus dated 3/1/2014.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

This brochure provides an introduction to Alternative Investments, and explores that many types of alternative funds. Learn how an alternative allocation may potentially enhance a portfolio’s diversification and decrease exposure to market volatility.

Statutory Prospectus (ABC)You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.

Statutory Prospectus (IR)You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.

Statutory Prospectus (IR)You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.

SAIThe statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.

Semi Annual ReportThe semiannual report includes a letter from John P. Calamos, Sr. to shareholders and provides a comprehensive review of the fund’s activities and financial performance over a six month period.

Annual ReportThe annual report includes a letter from John P. Calamos, Sr. and Gary Black to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information or call 1-800-582-6959. Read it carefully before investing.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Calamos Financial Services LLC, Distributor

† Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year Morningstar Rating metrics.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Class A shares load-adjusted returns are adjusted for the maximum front-end sales load of 4.75%. The Funds also offer Class B and C shares, the performance of which may vary. Performance shown reflects an expense reimbursement that improved results.

The Fund's gross expense ratio is 1.28% as of the prospectus dated 3/1/2014.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Daily performance returns are not adjusted for the 4.75% front-end sales charge, which would reduce the performance quoted. Where indicated, quarterly returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares (3.75% for Total Return Bond Fund Class A Shares). Class B shares have a declining contingent deferred sales charge over six years, with a maximum of 5% in year one (3.50% for Total Return Bond Fund Class B shares). Class B shares automatically convert to A shares after eight years. There is a 1% contingent deferred sales charge for C shares on certain redemptions within the first year of purchase. Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC). Class I shares are also available for institutional investors.

The Fund's investment advisor has contractually agreed to reimburse Fund expenses through March 31, 2015 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) of Class A, Class B, Class C and Class I are limited to 1.15%, 1.90%, 1.90% and 0.90% of average net assets respectively for the Calamos Value and Focus Growth Fund; 1.50%, 2.25%, 2.25% and 1.25% of average net assets respectively for the Calamos Discovery Growth Fund; 1.40%, 2.15%, 2.15% and 1.15% of average net assets respectively for the Calamos International Growth and Global Equity Fund; and 0.90%, 1.65%, 1.65% and 0.65% of average net assets respectively for the Calamos Total Return Bond Fund.

The funds' gross expense ratios as of the prospectus dated 3/1/14 are as follows: Growth A 1.28%, B 2.03%, C 2.03% and I 1.03%; Growth and Income A 1.09%, B 1.84%, C 1.84% and I 0.84%; Opportunistic Value A 1.54%, B 2.30%, C 2.29% and I 1.29%; Focus Growth A 1.65%, B 2.40%, C 2.40% and I 1.40%; Discovery Growth Fund A 1.72%, B 2.47%, C 2.47% and I 1.47%; Dividend Growth A 2.22%, C 2.97% and I 1.97%; Mid Cap Growth A 3.08%, C 3.83% and I 2.83%; Global Growth and Income A 1.41%, B 2.16%, C 2.16% and I 1.15%; International Growth A 1.48%, B 2.23%, C 2.23% and I 1.23%; Global Equity A 1.45%, B 2.20%, C 2.20% and I 1.20%; Evolving World Growth A 1.64%, B 2.39%, C 2.39% and I 1.39%; Emerging Market Equity A 2.62%, C 3.37% and I 2.37%; Convertible A 1.12%, B 1.87%, C 1.87% and I 0.87%; Market Neutral Income A 1.28%, B 2.05%, C 2.03% and I 1.02%; Long/Short A 2.68%, C 3.43% and I 2.43%; High Income A 1.18%, B 1.93%, C 1.93% and I 0.93%; and Total Return Bond A 0.99%, B 1.74%, C 1.74% and I 0.74%.

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800-582-6959. Read it carefully.

Important Fund Information

Calamos Growth, Growth and Income, Opportunistic Value, Global Growth and Income, International Growth, Global Equity and Evolving World Growth Funds may invest in small and mid-size company securities, which generally present greater risk and higher volatility than investments in larger, more established companies.

Calamos Growth, Growth and Income, Opportunistic Value, Focus Growth, Global Growth and Income, International Growth, Global Equity and Evolving World Growth Funds invest a substantial portion of their assets in equity securities, which are subject to greater fluctuations in market value than other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends, and general economic conditions.

Calamos Global Growth and Income, International Growth, Global Equity and Evolving World Growth Funds may invest up to 100% of assets in foreign securities. Total Return Bond Fund may invest up to 35% and all other Calamos funds up to 25% of assets in foreign securities. Investing outside the U.S. offers both risks and rewards. Increased volatility, changes in the value of foreign currencies, and difficulty in obtaining information are some of the risks involved.

Global Growth and Income, International Growth, Global Equity, Evolving World Growth and Total Return Bond Funds may invest in securities issued by companies in emerging markets; these may present additional risk due to the potential for greater economic and political instability in less developed countries.

Calamos High Income Fund invests and Total Return Bond Funds may invest in lower-rated fixed-income securities, often referred to as "junk bonds," which generally present greater risks than higher-quality securities, because of the greater likelihood that the company issuing the lower-rated securities will default on income and principal payments.

Calamos Growth and Income, Convertible and Market Neutral Income Funds: There are certain risks associated with an investment in a convertible bond such as a default risk—the company issuing a convertible security may be unable to repay principal and interest—and interest rate risk—the convertible may decrease in value if interest rates increase.

Calamos Market Neutral Income Fund engages in short sales. Short sales involve the risk that the Fund may incur a loss if the market value of a borrowed security increases between the date of the short sale and the date the Fund replaces the security. A short position in a security poses more risk than holding the same security long. Because a short position loses value as the security's price increases, the loss on a short sale is theoretically unlimited. It is possible that the market value of the securities the Fund holds in long positions will decline at the same time that the market value of the securities the Fund has sold short increases, thereby increasing the Fund's potential volatility. The Market Neutral Income Fund engages in short sales of convertible securities' underlying stock, which may increase volatility and portfolio turnover.

Calamos Total Return Bond Fund may invest in derivative securities, including options, futures contracts and swap agreements. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. There is no assurance that any derivative strategy used by the Fund will succeed.

In addition to market risk, there are certain risks associated with an investment in Calamos Total Return Bond Fund, such as default risk, the risk that the company issuing debt securities will be unable to repay principal and interest, and interest rate risk that the security may decrease in value if interest rates increase.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Performance of the Growth Fund reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2000.

Performance shown for the Convertible Fund and Global Growth and Income Fund includes the effects of an overpayment of dividends and/ or capital gains distribution to shareholders of certain classes of shares of the Fund (and a corresponding capital contribution by Calamos Advisors LLC), which increased certain return figures.

1Net asset value is the $U.S. value of a single share excluding any sales charges. NAV Change shows the change in value from the prior business day: + = gain; - = loss; NC = no change. The net asset value of a fund will fluctuate. Please note that total return is considered one of the best measures of overall performance of most mutual fund investments. More complete information and long-term performance is available for each Fund by clicking on any Fund name. Shares are redeemable at current net asset value, which may be more or less than their original cost

Calamos Financial Services LLC, Distributor

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information or call 1-800-582-6959. Read it carefully before investing.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Calamos Financial Services LLC, Distributor

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance shown reflects an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares (3.75% for Total Return Bond Fund). Class B shares have a declining contingent deferred sales charge over six years, with a maximum of 5% in year one (3.50% for Total Return Bond Fund Class B shares). Class B shares automatically convert to A shares after eight years. There is a 1% contingent deferred sales charge for C shares on certain redemptions within the first year of purchase. Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC). There are no contingent deferred sales charges or distribution or service fees with respect to Class I shares. The minimum initial investment required to purchase each Fund's Class I shares is $1 million. Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million. Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, under certain circumstances.

The Fund's investment advisor has contractually agreed to reimburse Fund expenses through March 31, 2015 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) of Class A, Class B, Class C and Class I are limited to 1.15%, 1.90%, 1.90% and 0.90% of average net assets respectively for the Calamos Value and Focus Growth Fund; 1.50%, 2.25%, 2.25% and 1.25% of average net assets respectively for the Calamos Discovery Growth Fund; 1.40%, 2.15%, 2.15% and 1.15% of average net assets respectively for the Calamos International Growth and Global Equity Fund; 0.90%, 1.65%, 1.65% and 0.65% of average net assets respectively for the Calamos Total Return Bond Fund; 1.25%, 2.00% and 1.00% of average net assets respectively for the Calamos Hedged Equity Income Fund, and 1.35%, 2.10% and 1.10% of average net assets respectively for the Calamos Global Convertible Fund.

The funds' gross expense ratios as of the prospectus dated 3/1/14 are as follows: Growth A 1.28%, B 2.03%, C 2.03% and I 1.03%; Growth and Income A 1.09%, B 1.84%, C 1.84% and I 0.84%; Opportunistic Value A 1.54%, B 2.30%, C 2.29% and I 1.29%; Focus Growth A 1.65%, B 2.40%, C 2.40% and I 1.40%; Discovery Growth Fund A 1.72%, B 2.47%, C 2.47% and I 1.47%; Dividend Growth A 2.22%, C 2.97% and I 1.97%; Mid Cap Growth A 3.08%, C 3.83% and I 2.83%; Global Growth and Income A 1.41%, B 2.16%, C 2.16% and I 1.15%; International Growth A 1.48%, B 2.23%, C 2.23% and I 1.23%; Global Equity A 1.45%, B 2.20%, C 2.20% and I 1.20%; Evolving World Growth A 1.64%, B 2.39%, C 2.39% and I 1.39%; Emerging Market Equity A 2.62%, C 3.37% and I 2.37%; Convertible A 1.12%, B 1.87%, C 1.87% and I 0.87%; Global Convertible A 2.79%, C 3.54%; and I 2.54%; Market Neutral Income A 1.28%, B 2.05%, C 2.03% and I 1.02%; Long/Short A 2.68%, C 3.43% and I 2.43%; Hedged Equity Income A 2.66%, C 3.41% and I 2.41%; High Income A 1.18%, B 1.93%, C 1.93% and I 0.93%; and Total Return Bond A 0.99%, B 1.74%, C 1.74% and I 0.74%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800-582-6959. Read it carefully.

Before investing carefully consider the fund's investment objectives,
risks, charges and expenses. Please see the prospectus and summary prospectus containing
this and other information or call 1-800-582-6959. Read it carefully before
investing.